MGM Mirage Mulls Options For Its Atlantic City Real Estate

MGM Mirage (MGM) is exploring options for 85 acres of prime real estate in Atlantic City, N.J., that the casino operator has left vacant since it acquired the land seven years ago.

The company is mulling a development similar to its sprawling $7.4 billion CityCenter project under construction on the Las Vegas strip. It will feature condos, boutique hotels, a resort casino, and a retail and entertainment district.

"We have no doubt that the type of development should be a mixed-use development along the lines of CityCenter, although at a smaller scale," said Dan D'Arrigo, senior vice president of finance at MGM Mirage, in an interview.

MGM Mirage owns 71 acres of unused land tucked between the Las Vegas-style Borgata hotel and casino - a joint venture between the company and Boyd Gaming Corp. (BYD) - and Harrah's Atlantic City. In addition, it has 14 acres of waterfront property behind the Trump Marina Hotel Casino. That land was acquired as part of the company's purchase of Mirage Resorts Inc. in 2000.